EURGBP- Price hesitation may have set in but EURGBP continues to retain its nearer term weakness triggered from the 0.8833 level. This development now leaves EURGBP vulnerable to the downside towards the 0.8530 level, its Sept 12’2011 low. On a decisive break and close below here, further declines will develop towards the 0.8460 level, its Feb 27’2011 low. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, the cross will have to break and close above the 0.8794 level, its Oct 17’2011 high and the 0.8881 level, its Aug 31’2011 high to create scope for further bull pressure. This if seen will put the cross in a position to strengthen further towards the 0.9083 level, its Jun 01’2011 high. Further out, resistance stands at the 0.9150 level, its Feb’2010 high. All in all, the cross looks to weaken further having halted its upside strength.
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